Microeconomics

Question

c) Assume that additional firms enter and there is now an increase in supply from S1 to S2 and a new equilibrium occurs at D2 and S2 with a new market quantity of Q3 = 28,000:

  1. 1)  MR and AR are equal to ____________________

  2. 2)  The quantity produced by each firm is____________

  3. 3)  Total revenue received by each firm is_________

  4. 4)  Average total cost for each firm is_____________

  5. 5)  Total cost of production for each firm is________

  6. 6)  Average fixed cost for each firm is_____________

  7. 7)  Average variable cost for each firm is__________

  8. 8)  Economic profit for each firm is ________________

  9. 9)  Number of firms is__________________________


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